China’s industrial profits had been trending higher, not so in May though. National Bureau of Statistics (NBS) with the data:
YTD (ie January - May) down 1.1%
- prior +1.4%
For May alone, -9.1% y/y
- expected -0.3%, prior +3.0%
The sharp fall in profits at China’s industrial firms in May comes amidst ongoing weakness in an economy grappling with elevated US tariffs and persistent deflationary pressures.
Industrial profit numbers cover firms with annual revenue of at least 20 million yuan ($2.78 million) from their main operations.
